GAB: Investors Invited
Published 15th February 2010, 2:42pm
Government is inviting the submission of Expressions of Interest from investors wishing to acquire the freehold interest in the new Government Office Administration Building being constructed on Elgin Avenue.
The invitation sets out the terms under which government will sell the building and states investor requirements. The full document is available online at www.gov.ky.
The building, due to be completed in January 2011, comprises a custom-built Category 5 hurricane-rated building which will provide 143,662 sq. ft. of office accommodation. The sale will include associated car parking space.
Any sale will be subject to the Cayman Islands Government (CIG) agreeing and signing terms for a commercial lease under which the CIG will contract to pay rent as tenant at market rental value.
Expressions of Interest must be submitted to the Central Tenders Committee by noon on Friday, 26 February 2010. Any submission must be made in writing and be accompanied by a banker's draft for US$100,000, made payable to the Cayman Islands Government. This sum will be refunded by cheque 28 days later. The submission should also include evidence of the applicant's financial standing.
An information package including Heads of Terms for the Lease will be issued to successful applicants shortly after the submission date, and bids will then be submitted to the Central Tenders Committee by Friday, 12 March 2010.